Let’s cut to the chase: without proper marketing, your business is set to struggle. In today’s digital age, having an online presence is more important than ever. Even if you do have a digital presence, are you truly making the most of it?
Whether you’re new to digital marketing or have been in the game for a while, it might be time to reassess your budget. According to BDC, your marketing budget should be between 2 and 5% of your revenue for business to business, B2B, and between 5 and 10% for business to consumer, B2C. The term marketing is broad, so you may be wondering how you can know what you should be putting your investment in. The AD Leaf is here to break down how you can truly make the most of your budget.
Marketing Is An Investment
Something to keep in mind when planning out your budget is that marketing is an investment you are making and not simply an expense. When you pay for marketing, you are hopefully going to see results that will help your company endlessly. While it can be hard to justify spending the cash, especially for small businesses, there are so many reasons why marketing is worth the investment. When you market your business, you are:
- Building brand awareness
- Increasing your sales
- Alerting potential customers and clients to new deals, offerings, and sales
- Building a customer base
- Taking advantage of social media and other online spaces
- Putting your business where your customers are
- Receiving analytics to help improve your future business strategy
Get The Most Out Of Your Marketing Budget
Marketing budgets can be hard to set for small and big businesses alike. It takes a lot of trial and error to find the right combination of online platforms to get a good ROI, return on investment. We have a few tips and tricks up our sleeve for you to use to get your business off the ground.
- Start your business off on the right foot: New businesses can have a harder time breaking into an established field. By spending a little extra money upfront, around 15-20% of your revenue depending on your industry, you can get a boost into your target market. Once your business becomes a little better established, you can drop your spending to about 5-10%.
- Try competition matching: Take a look at what your competitors are doing that’s working for them. Could it also be applied to your marketing strategy? If so, you might be able to get inspiration from other players in the field.
- Keep your goals in mind: Having a goal-driven marketing strategy is one of the best ways to reach your objectives. Try using the acronym S.M.A.R.T. to set your goals: specific, measurable, attainable, realistic, and time-bound. Keeping this acronym in mind will help you set goals you can realistically hope to achieve with specific ways to achieve them.
- Imagine yourself in the customer’s shoes: While this is a pretty straightforward piece of advice, it doesn’t hurt to be reminded that you should always think of what’s happening on the other end of your marketing. Are you solving a problem for a customer, or are you just trying to sell a product? Always keep in mind your customer’s journey all the way from your advertisement to them clicking “complete purchase”. What keeps them clicking through? You should also ask yourself how many leads you are getting, and how many are turning into paying customers. Focusing on the buyer is crucial to your marketing success.
- Keep your ROI in mind: When you start spending on marketing, make sure you are tracking your ROI. By measuring your ROI, you can determine if your budget needs to be adjusted, or if you should increase your spending.
Who We Are
The AD Leaf Marketing Firm is made of experts well-versed in social media research and content creation. We would love to conquer the world of ever-changing social media and research for your company and help sky-rocket your business’s online presence and social engagement. Contact us today for more information on how we can help you grow by using our online form or call us at 321.255.0900. You can also email us at firstname.lastname@example.org. We can’t wait to hear from you!